Ripple, Pantera, And Kraken Back $1 Billion SPAC To Build Largest Public XRP Treasury ⋆ ZyCrypto

Some of the largest financial players in the crypto industry, including Ripple and Kraken have led a $1 billion raise to create the largest publicly traded XRP treasury via a merger with a blank-check company.

Deal To Create Massive XRP Treasury

Newly created Evernorth Holdings Inc. will merge with Armada Acquisition Corp II, a Nasdaq-listed special-purpose acquisition company (SPAC). When the deal closes in the first quarter of 2026, the combined company will keep the Evernorth name and “is expected” to trade on Nasdaq under the ticker symbol XRPN, according to a Monday press release from Evernorth.

The transaction is expected to generate more than $1 billion in gross proceeds, including a $200 million commitment from Japan’s SBI Holdings. Additional backing is expected from Ripple, Pantera Capital, Kraken and GSR, with participation from Ripple co-founder and Executive Chairman Chris Larsen, the announcement said. 

The company indicated that most of the net proceeds will be used to purchase XRP on the open market to establish an institutional treasury, with the remainder earmarked for working capital and expenses. 

Instead of tracking the asset passively, the company says it plans to lend to institutions, provide liquidity and participate in decentralized-finance opportunities to generate yield.

“Evernorth is built to provide investors more than just exposure to XRP’s price,” said Evernorth CEO Asheesh Birla. “As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem. This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption.”

The announcement follows recent reports that Ripple is set to raise approximately $1 billion via XRP sales to create its own digital-asset treasury, combining newly acquired tokens with part of its existing stack.

Separately, Ripple recently agreed to buy corporate treasury management platform GTreasury, in a $1 billion deal aiming to develop its enterprise liquidity and payment infrastructure.

In the meantime, other companies, including Webus and Trident Digital, have announced XRP-focused treasury strategies, highlighting skyrocketing institutional interest in the cross border payments token.